DUCAJU: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
DUCAJU
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,465
2024 · -€17,850+€14,385
Equity
€11.8m
2024 · €11.8m-€3,465
Cash
€46,672
2024 · €49,525-€2,853
Balance sheet total
€19.2m
2024 · €19.4m-€249,191
Largest movements
Assets
- Receivables within one year -€251,757
down €251,757 (-64.1%), from €392,786 to €141,029
of which Trade receivables: -€357,132
Equity and liabilities
- Current portion of long-term debt -€356,096
down €356,096 (-93.5%), from €380,796 to €24,701
- Trade debts +€270,717
up €270,717 (+267%), from €101,460 to €372,177
Income statement
- Turnover -€1.0m
down €1.0m (-37.6%), from €2.7m to €1.7m
- Services and other goods -€420,908
down €420,908 (-30.5%), from €1.4m to €961,293
- Staff costs -€396,423
down €396,423 (-41.4%), from €957,833 to €561,410
- Financial charges -€146,604
down €146,604 (-39.9%), from €367,380 to €220,776
- Other operating income +€31,577
up €31,577 (+68.4%), from €46,156 to €77,733
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
-€17,850
Turnover
-€1.0m
Other operating income
+€31,577
Goods and materials
+€5,330
Services and other goods
+€420,908
Staff costs
+€396,423
Depreciation
+€25,328
Other operating charges
+€2,256
Financial income
+€4,721
Financial charges
+€146,604
Taxes
+€337
Result 2025
-€3,465
raises the resultlowers the result
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€372,522
Investment
+€52
Financing
-€375,427
Cash 2024
€49,525
From operations (derived)
+€372,522
Net result for the year
-€3,465
Depreciation
+€25,352
Receivables within one year
+€251,757
Deferred charges and accrued income
-€30,822
Trade debts
+€270,717
Tax, wage and social debts
-€18,660
Accrued charges and deferred income
-€122,356
Investment (derived)
+€52
Investment in fixed assets (net)
+€52
Financing
-€375,427
Debts after one year
-€24,701
Current portion of long-term debt
-€356,096
Short-term financial debts
+€5,370
Cash 2025
€46,672
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,433,846 | €19,184,654 | -€249,191 | -1.3% |
| Fixed assets | 21/28 | €18,968,681 | €18,943,278 | -€25,404 | -0.1% |
| Intangible fixed assets | 21 | €82,591 | €57,764 | -€24,827 | -30.1% |
| Tangible fixed assets | 22/27 | €524 | €0 | -€524 | -100% |
| Furniture and vehicles | 24 | €524 | €0 | -€524 | -100% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €18,885,566 | €18,885,514 | -€52 | 0.0% |
| Affiliated companies | 280/1 | €18,874,264 | €18,874,264 | = | 0.0% |
| Participating interests | 280 | €18,874,264 | €18,874,264 | = | 0.0% |
| Other financial fixed assets | 284/8 | €11,302 | €11,250 | -€52 | -0.5% |
| Amounts receivable and cash guarantees | 285/8 | €11,302 | €11,250 | -€52 | -0.5% |
| Current assets | 29/58 | €465,164 | €241,377 | -€223,787 | -48.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €392,786 | €141,029 | -€251,757 | -64.1% |
| Trade receivables | 40 | €361,972 | €4,840 | -€357,132 | -98.7% |
| Other amounts receivable | 41 | €30,814 | €136,189 | +€105,375 | +342% |
| Cash at bank and in hand | 54/58 | €49,525 | €46,672 | -€2,853 | -5.8% |
| Deferred charges and accrued income | 490/1 | €22,853 | €53,676 | +€30,822 | +135% |
| Total equity and liabilities | 10/49 | €19,433,846 | €19,184,654 | -€249,191 | -1.3% |
| Equity | 10/15 | €11,829,837 | €11,826,372 | -€3,465 | 0.0% |
| Contributions | 10/11 | €6,250,000 | €6,250,000 | = | 0.0% |
| Capital | 10 | €6,250,000 | €6,250,000 | = | 0.0% |
| Issued capital | 100 | €6,250,000 | €6,250,000 | = | 0.0% |
| Reserves | 13 | €5,275,000 | €5,275,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €625,000 | €625,000 | = | 0.0% |
| Legal reserve | 130 | €625,000 | €625,000 | = | 0.0% |
| Distributable reserves | 133 | €4,650,000 | €4,650,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €304,837 | €301,372 | -€3,465 | -1.1% |
| Amounts payable | 17/49 | €7,604,008 | €7,358,282 | -€245,726 | -3.2% |
| Amounts payable after more than one year | 17 | €3,683,817 | €3,659,116 | -€24,701 | -0.7% |
| Financial debts | 170/4 | €63,817 | €39,116 | -€24,701 | -38.7% |
| Other loans | 174 | €63,817 | €39,116 | -€24,701 | -38.7% |
| Other amounts payable | 178/9 | €3,620,000 | €3,620,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,797,836 | €3,699,166 | -€98,669 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €380,796 | €24,701 | -€356,096 | -93.5% |
| Financial debts | 43 | €37,505 | €42,875 | +€5,370 | +14.3% |
| Credit institutions | 430/8 | €37,505 | €42,875 | +€5,370 | +14.3% |
| Trade debts | 44 | €101,460 | €372,177 | +€270,717 | +267% |
| Suppliers | 440/4 | €101,460 | €372,177 | +€270,717 | +267% |
| Taxes, remuneration and social security | 45 | €127,986 | €109,326 | -€18,660 | -14.6% |
| Taxes | 450/3 | €33,064 | €20,407 | -€12,657 | -38.3% |
| Remuneration and social security | 454/9 | €94,923 | €88,919 | -€6,003 | -6.3% |
| Other amounts payable | 47/48 | €3,150,088 | €3,150,088 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €122,356 | €0 | -€122,356 | -100% |
| Operating income | 70/76A | €2,754,556 | €1,767,033 | -€987,523 | -35.9% |
| Turnover | 70 | €2,708,400 | €1,689,300 | -€1.0m | -37.6% |
| Other operating income | 74 | €46,156 | €77,733 | +€31,577 | +68.4% |
| Operating charges | 60/66A | €2,404,638 | €1,554,392 | -€850,245 | -35.4% |
| Goods for resale, raw materials and consumables | 60 | €8,450 | €3,120 | -€5,330 | -63.1% |
| Purchases | 600/8 | €8,450 | €3,120 | -€5,330 | -63.1% |
| Services and other goods | 61 | €1,382,202 | €961,293 | -€420,908 | -30.5% |
| Remuneration, social security and pensions | 62 | €957,833 | €561,410 | -€396,423 | -41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,680 | €25,352 | -€25,328 | -50.0% |
| Other operating charges | 640/8 | €5,473 | €3,217 | -€2,256 | -41.2% |
| Operating profit (loss) | 9901 | €349,919 | €212,641 | -€137,278 | -39.2% |
| Financial income | 75/76B | €1,122 | €5,843 | +€4,721 | +421% |
| Recurring financial income | 75 | €1,122 | €5,843 | +€4,721 | +421% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €0 | €5,704 | +€5,703 | +2,851,715% |
| Other financial income | 752/9 | €1,122 | €139 | -€982 | -87.6% |
| Financial charges | 65/66B | €367,380 | €220,776 | -€146,604 | -39.9% |
| Recurring financial charges | 65 | €367,380 | €220,776 | -€146,604 | -39.9% |
| Debt charges | 650 | €367,328 | €220,754 | -€146,574 | -39.9% |
| Other financial charges | 652/9 | €52 | €22 | -€30 | -57.8% |
| Profit (loss) for the period before taxes | 9903 | -€16,340 | -€2,292 | +€14,048 | +86.0% |
| Income taxes | 67/77 | €1,510 | €1,173 | -€337 | -22.3% |
| Taxes | 670/3 | €1,510 | €1,173 | -€337 | -22.3% |
| Profit (loss) for the period | 9904 | -€17,850 | -€3,465 | +€14,385 | +80.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,850 | -€3,465 | +€14,385 | +80.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.